Though the White House denied the rumors, the L.A. Times cites unnamed real estate agents as confirming that the Obamas are in escrow on a 3.29- acre, James Bond-esque estate in a swanky gated community where Frank Sinatra, Bing Crosby and Bob Hope once kept properties.

Former President Gerald Ford and his wife, Betty, resided in the desert city, the headquarters of the Betty Ford Center for addiction and rehabilitation.

The Obamas visited the area for the Father's Day holiday and, in February, the president played golf with Larry Ellison, another high-profile Rancho Mirage resident, on the software billionaire's private course.

The First Couple's reported new house was built in 1993 and includes four bedrooms and a gym as well as a pool with a 20-foot waterfall, two spas and a rock lagoon, according to the L.A. Times. Next door to the property: a "bighorn sheep preserve" and the interior decorator Michael S. Smith, an Obama pal.

As previously reported, Michelle Obama -- said to be a fan of California -- had been considering a move to the Palm Springs area after leaving the White House. The president likes New York City, another post-Washington option. Neither wants to move back to Chicago, according to reports.